Crocs tumbles after profit, forecast fall short

AndriaCheng

NEW YORK (MarketWatch) -- Crocs Inc.
CROX, -0.08%
known for its plastic clog shoes, slumped 12% in premarket trading on Thursday after the company's third-quarter profit excluding a tax benefit missed Wall Street expectations and its fourth-quarter guidance also fell short. While European total sales declined against a challenging macroeconomic backdrop, the negative surprise happened in Asia. Excluding currency translation impact, comparable store sales in Asia fell 6.3%, versus gains in Americas and Europe. "We haven't been fully immune to some of the recent choppiness in Asia, particularly in Japan, where consumer demand slowed as the third quarter progressed," said President and Chief Executive John McCarvel. Sterne Agee cut the rating on the stock to neutral from buy.

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